Lenovo's Liu quits; Yang to take over
By Feng Jianmin |
November 3, 2011, Thursday
|
Print Edition
Print Edition
Liu Chuanzhi, founder of Lenovo who stepped in to help the group overcome the economic downturn in 2009, yesterday announced his resignation as group chairman.
His successor, Yang Yuanqing, the group's current CEO and former chairman from 2004 to 2009, will assume the dual role of chairman and chief executive today.
After the resignation, Liu will be Lenovo's honorary chairman and will focus his energy to expanding Legend Holdings, Lenovo's parent, with a view to launching an initial public offering between 2014 and 2016, the company said in a statement.
"It is a perfect time for me to step down as Lenovo has been performing well and progressing, and Yang has become fully capable of leading an international company to keep moving forward," said Liu last night during a press conference in Beijing. "There is a lot work waiting for me to do for Legend Holdings, and my battle field is still ahead."
Liu said he would expand Legend into the consumer, advanced materials and agriculture sectors.
Liu, 67, founded Lenovo in 1984 with a team of 10 scientists and mere funding of 200,000 yuan (US$31,460).
Since then, he has led the group a listing in Hong Kong in 1994, and helped Lenovo become China's best-selling PC brand in 1997. Widely recognized as a respected entrepreneur in the industry, he stepped down as Lenovo's CEO in 2000 and resigned as chairman in 2004 after the company acquired IBM's personal computer division.
But he was to return to the group and resumed his position as chairman when Lenovo suffered its biggest annual loss of US$226.4 million during the 2008-09 fiscal year as a result of the 2008 financial crisis.
In Lenovo's quarterly report released yesterday, the company announced that it has a 13.5 percent share of the global PC market, ranking it the world's second largest PC maker.
"I am very happy today as I was happy when I married my daughter to her outstanding husband," Liu said. "Yang and I have established a close relationship during 20 years of working together, and Yang is already a part of my life."
Yang, 47, joined Lenovo in 1989 and became leader of the company's PC business in 1994.
In 2004, Yang and Liu led one of the boldest moves in corporate history with the acquisition of the IBM's PC division.
Yang became chairman of Lenovo in December 2004 before stepping down when Liu returned to the company in 2009.
"Chairman Liu is not only Lenovo's founder, but also an outstanding leader," Yang said yesterday.
He said Lenovo will gain a bigger market share with its offering of tablets, mobile phones and smart televisions.
Analysts said that the change of leadership may reflect Lenovo's ambition to expand more rapidly in the mobile market, a trend that the company has not fully taken advantage of.
"The general condition of Lenovo is good and Liu's resignation at this moment can ensure a smooth transition," said Xiang Ligang, editor of a telecommunication magazine in China.
"I think Yang can keep hold of Lenovo's leading position in the PC sector, and his major task is to make big breakthrough in the mobile Internet sector," he added.
His successor, Yang Yuanqing, the group's current CEO and former chairman from 2004 to 2009, will assume the dual role of chairman and chief executive today.
After the resignation, Liu will be Lenovo's honorary chairman and will focus his energy to expanding Legend Holdings, Lenovo's parent, with a view to launching an initial public offering between 2014 and 2016, the company said in a statement.
"It is a perfect time for me to step down as Lenovo has been performing well and progressing, and Yang has become fully capable of leading an international company to keep moving forward," said Liu last night during a press conference in Beijing. "There is a lot work waiting for me to do for Legend Holdings, and my battle field is still ahead."
Liu said he would expand Legend into the consumer, advanced materials and agriculture sectors.
Liu, 67, founded Lenovo in 1984 with a team of 10 scientists and mere funding of 200,000 yuan (US$31,460).
Since then, he has led the group a listing in Hong Kong in 1994, and helped Lenovo become China's best-selling PC brand in 1997. Widely recognized as a respected entrepreneur in the industry, he stepped down as Lenovo's CEO in 2000 and resigned as chairman in 2004 after the company acquired IBM's personal computer division.
But he was to return to the group and resumed his position as chairman when Lenovo suffered its biggest annual loss of US$226.4 million during the 2008-09 fiscal year as a result of the 2008 financial crisis.
In Lenovo's quarterly report released yesterday, the company announced that it has a 13.5 percent share of the global PC market, ranking it the world's second largest PC maker.
"I am very happy today as I was happy when I married my daughter to her outstanding husband," Liu said. "Yang and I have established a close relationship during 20 years of working together, and Yang is already a part of my life."
Yang, 47, joined Lenovo in 1989 and became leader of the company's PC business in 1994.
In 2004, Yang and Liu led one of the boldest moves in corporate history with the acquisition of the IBM's PC division.
Yang became chairman of Lenovo in December 2004 before stepping down when Liu returned to the company in 2009.
"Chairman Liu is not only Lenovo's founder, but also an outstanding leader," Yang said yesterday.
He said Lenovo will gain a bigger market share with its offering of tablets, mobile phones and smart televisions.
Analysts said that the change of leadership may reflect Lenovo's ambition to expand more rapidly in the mobile market, a trend that the company has not fully taken advantage of.
"The general condition of Lenovo is good and Liu's resignation at this moment can ensure a smooth transition," said Xiang Ligang, editor of a telecommunication magazine in China.
"I think Yang can keep hold of Lenovo's leading position in the PC sector, and his major task is to make big breakthrough in the mobile Internet sector," he added.
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